People who are into will tell you the stock is cheap, there's
great free cash flow, have you look at their buy-backs etc.

As you look at the revenue stream, though, its been flat over a
number of years. So has its cash flow. The company is relying on
the $37 billion of acquisitions they've done over the last couple
of years to look healthy.

"When something looks cheap be careful, there could be a reason
it's cheap..." Chanos said, and then added, "This company is
destroying its value. Typically acquisitions destroy value."

While avoiding calling it fraud, Hewlett-Packard said there was
"serious accounting improprieties, disclosure failures, and
outright misrepresentations at Autonomy Corp." that occurred
prior to its acquisition of Autonomy and was discovered by a
nearly seven-month-long internal investigation.